Organizations such as financial services entities often need to track and manage workflow items and process exceptions in order to effectively address items that must be accomplished or items that cause disruptions in the processing and flow of events. For example, a financial services entity may desire to be alerted to any exceptions that happen during securities trading processes. Such exceptions may include failed trades, errors in trade instructions, data errors, etc., and other business events that meet critical thresholds that, if undetected and unaddressed, could seriously disrupt the entity's business.
Also, organizations often track tasks in a process to ensure that the tasks are specified, executed, monitored, and coordinated. As used herein, “workflow” means how task items are structured, who performs them, what their relative order is, how they are prioritized, how information flows to support the tasks, how tasks are being tracked, etc.
Existing source systems and products do not provide workflow items and exceptions directly to “owners” (i.e., those responsible for handling, delegating, responding to, etc. the exception) of the items and exceptions. Also, such existing systems neither have the capacity nor the capability that may be needed to process workflow items and exceptions. Additionally, there are no existing systems that offer a consolidated view of workflow items and exceptions within an organization for the purpose of promoting user efficiency, monitoring, oversight, client service and risk management capabilities including Sarbanes-Oxley Act (SOX) compliance.